Reid is a judge in Cowell's mold, a proven talent evaluator and hit maker rather than a performer, who has mentored such megastars as Mariah Carey and Usher. He reportedly will let his Def Jam contract lapse this year so that he can judge, rather than re-up his deal.

Reid will eventually be joined by two other hosts and a slew of big names have been connected to the show. Carey, George Michael, Paula Abdul, and Nicole Scherzinger have all been mentioned as possible judges.

2010 VMAs: Dramatic Photos From Music's Big Night

Auditions for "The X Factor" start March 27 in Los Angeles and the show airs in September. The grand prize is a $5 million recording contract with Sony Music.